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If you have some spare money, you better invest it in something profitable. When we talk about profits, there is no better investment than bitcoin. It is a growing and immensely popular cryptocurrency that can offer huge returns in the next few years. If you haven’t purchased bitcoins before, you must be confused, but you need not worry, as you can simply follow the steps mentioned below and purchase bitcoins online.
Get a bitcoin wallet
Buying bitcoin is a simple process that involves few steps, but the first and most crucial step is to choose a bitcoin wallet. Bitcoin is a digital currency, so before buying it, you need to have a good arrangement to store it safely. You cannot keep bitcoins into a vault or bank lockers as it has no physical appearance. Bitcoins can only be stored in digital bitcoin wallets, so the first thing you need to do is choose a bitcoin wallet. If we talk about digital bitcoin wallets, there is a wide range of options available in the market, and each one of them is different. So, to choose the best one, you need to compare their features, check the functions.
There are varying kinds of wallets such as paper wallets, desktop wallets, hardware wallets, etc. So, you must gain some knowledge about each one of them so that you can easily decide which one suits the most to your needs and requirements. For instance, if your primary focus is security for bitcoins, you must choose a hardware wallet, whereas if you want maximum accessibility, a web wallet will be a better option for you.
Pick a bitcoin trading platform
The buying and selling of bitcoins occur on certain online platforms known as bitcoin trading platforms or bitcoin exchanges where you can easily find difference between Hardware wallet vs web wallet. Once you have set up the wallet, the next step is to choose a reliable and safe online bitcoin exchange. Each bitcoin trading platform is different as some of them are highly reliable, whereas some of them are unsafe. So, it is crucial to have a look at all the important features such as security, reputation, functions, etc., before choosing an online platform for buying bitcoins.
There are several frauds and fake exchanges on the Internet, and if you fall for any of them, you may lose your bitcoins forever. So, it is important to go slow, do proper research and pick a trading platform that is safe, well-reputed, and equipped with all necessary security features. Moreover, the user interface should also be simple and friendly so that you can sign up and create an account without facing any major difficulties.
Add a payment method
After selecting an online bitcoin exchange to purchase bitcoins, you need to choose a payment method. Online bitcoin exchanges accept a wide range of payment methods such as bank transfers, credit cards, debit cards, etc. You need to check the payment methods accepted by the platform you have chosen and pick the most favorable one out of them. With the increasing popularity of bitcoins, exchanges are adding more payments methods to make it easier and convenient for users to purchase bitcoins.
You must choose a payment method carefully as it can affect the cost of purchasing bitcoins. Almost every payment method involved some transaction charges or fees. So, you must pick a payment method that allows you to make a quick and smooth purchase at minimum cost. You can easily pick a method that you are most comfortable with while purchasing bitcoins.
Go for the purchase
Now comes the final and most exciting part of the whole process, which is buying bitcoins. Once you have made all the selections and added a payment method to your account, you are all set to purchase the first bitcoin of your life. Before you make the purchase, you must double-check the price of bitcoin as it keeps on changing every second. To make your first purchase, you need to input the number of bitcoins you are willing to buy. The exchange will direct you to the payment page, where you can choose a method and complete the payment. There are different types of orders that you can place, such as limit order, market buy order, etc.